E&T INFO BOOK 2011
Overview Engineering and Technology Startup is one of the most practical “hands on” organizations at BYU. No other organization offers the same opportunity to use engineering and business skills on real life projects. For those who are looking to gain experience as well as build a resume for after college, ETS is the way to go. ETS is now offering an opportunity for club membership. The goal of ETS is to create innovators and entrepreneurs, in line with this focus is our new “pod” program. The goal of this program is to help students learn the pathways of innovation and entrepreneurship through the process of starting their own small businesses. Students will be placed in teams and given the opportunity as well as the financial backing to create their own unique products and start their own companies. This is a great opportunity for students to learn in a “hands-on” indepth way, while at the same time making valuable friendships and networking with other students of different studies but similar goals. As teams progress and projects develop. ETS will be depositing “seed” money into an account for when the project is finished and a small business is formed. Once the project is complete and business plans are written, the money will then be given to team members to help them get started. All pod members who show dedication, innovation and creativity will be given a letter of recommendation to help them in their professional careers.
“Pods” Each new club member will be placed in a “pod.” A pod is a group of 5 students with varying backgrounds. Each pod will present at Venture Factory every month. The goal of each pod is to come up with an idea that ETS will accept as a project. The “pod” then becomes a “development team.” Time commitment: It is estimated that pod members will spend 23 hours a week. Pod members will have a 1 hour meeting each week to discuss their innovative ideas and business plans. They will also attend Venture Factory.
“Development Team” Once a pod moves on to become a development team, time commitment will be increased to about 5 hours per week. Once a project is accepted by ETS the “pod” then becomes a “Development team.” No longer brainstorming ideas, rather fully dedicated to creating a business around their idea. The 5 member team is now eligible to receive interns to help them work on their projects. Once the project is complete and a business plan is in place the “Development team” then becomes a small business/company!
“Small Business” Once a Development Team becomes a “small business” each member has equal ownership in the company and its property. Rules will be written to avoid problems. Contracts will be signed. The students will have then successfully worked their way through all of the stages of innovation and entraprenuership. They then take their small business and grow it in order to make profit. Companies will give 5% of all revenue to ETS.
Rules and Benefits: Pods and Development Teams will have access to resources across campus ETS will create a “lump” sum for development teams. $100 will be deposited for every 50 hours of labor performed. When the project is complete and a prototype made, ETS will give an additional $1,000 dollars to help the business get started. All labor performed will be voluntary, from the teams or interns. Interested Students join by filling out the survey under the “Join ETS” tab on the ETS website (www.etstartup.org) ETS will place students into their pods and select a “pod leader.” Preferably 2 business majors and 2 engineering majors per pod. Each pod will meet once a week as well as attend Venture Factory.